Euro slips on report ECB looking at revising inflation target

The euro slipped on Thursday on a report that the European Central Bank had started to look at revising their inflation target.

Staff were informally analyzing the ECB's policy approach, including the question of whether the current target of consumer-price growth “below, but close to, 2%” is still appropriate for the post-crisis era, Bloomberg reported, citing sources who spoke on condition of anonymity.

ECB President Mario Draghi favors a “symmetrical” approach, meaning flexibility to be either above or below a specific 2% goal, the officials said.

The bank's Governing Council members were given a presentation last week on symmetrical approaches to the current target. Changing the goal itself would probably require a formal review, the officials said. An ECB spokesman declined to comment.

The euro was down to 1.1206 from 1.1230 earlier.